Solicitor Nathalie Paterson, for Mr Bing and prominent Los Angeles lawyer Martin Singer, told Mr Justice Gray in London that the libel action arose out of an article published in the Daily Mail in December 2001 which caused them both “considerable distress and embarrassment”.
She said the defendants were Associated Newspapers Ltd, the publisher of the Daily Mail, its editor Paul Dacre and journalist Daniel Jeffreys, who was employed by the newspaper at the time of publication.
The defendants had agreed, she told the court, to apologise to Mr Bing and Mr Singer, who acts for Mr Bing and has in the past represented Liz Hurley.
They also agreed “to pay substantial sums to British childrens’ charities chosen by them by way of damages and also their legal costs”.
Rebecca Jackson, solicitor for the defendants, said: “They accept that the article was not true and they sincerely apologise for the embarrassment and distress which they have caused the claimants.
“They have undertaken not to repeat the libels.”